KAF Equities Sdn Bhd said “significant” operating margin reversal in the forthcoming quarters was expected as the average selling price has been contracting “faster than expected” in the face of enlarged capacity.
“This translates into reversal of net profit margin between 20 percentage points to 44 ppts – Top Glove , Hartalega , Kossan and Supermax ,” it said in a report yesterday.It also expected possible drastic operating margin reversal in the period of adjustment due to raw materials purchased prices, high social compliance costs and the “faster-than-expected” declines in ASP.JP Morgan, in a report on Monday, said the ASP is still “finding its bottom”.
This is on the assumption that the glove ASPs will normalise around US$25 per 1,000 pieces by 2022, compared with the previous assumption of US$35 per 1,000 pieces to US$40 per 1,000 pieces.
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